Crude oil remains under pressure of China economic data

Crude oil
remains under pressure of China
economic data

June 9th 2015

Despite the decline of the U.S Dollar,
the crude oil prices dropped yesterday on increasing supply concerns after China
crude oil imports dropped %11 during the month of May. In addition, the
disappointing China’s
consumer inflation which decreased to 1.2 %, have raised concerns about growing
deflationary pressures and raised fears about weak demand from China. However
the crude oil prices recovered slightly above $62 per barrel at the beginning
of Tuesday trading session, on hopes of more economic stimulus data which could
push the prices up.